GLOSSARY

Probate – the court-supervised process of either “proving” a
decedent’s Last Will, or administering the assets of a deceased
person who died without a Will. It is required when the assets of a decedent
exceed $150,000 in gross value, regardless of whether there was a Will, or not.

Decedent – a deceased individual.

Estate Administrator – appointed by the court when a Decedent dies without a Will.

Estate Executor – named by the Decedent to carry out the terms of their Will.

Testamentary Will – a traditional Will. Wills generally must go through Probate.

Pour Over Will – a Will which names your Trust as the sole beneficiary of your
Probate Estate. As such, it “pours over” int your trust assets
which were not titled in your trust at your death.

Living Trust – allows a Decedent’s assets with gross value exceeding $150,000
to be administered outside of court and without Probate.

Settlor (or Grantor) – the creator of the Trust. In a revocable living trust, the Settlor
is also the Trustee, as well as the Beneficiary of the Trust.

Beneficiary – an individual who benefits from a Trust or Will.

Trust – a legal relationship in which property is titled in a legal entity
and held by a Trustee for the benefit of aTrust Beneficiary. It provides
for administration of your assets during your life, and the distribution
of your assets at death.

Trustee – an individual who is in charge of managing the assets owned by
a Trust. When you die, your named Successor Trustee steps in to conduct
the administration of the trust assets. The Trustee acts in Fiduciary
capacity with regard to the Beneficiaries. The Trustee is accountable
not only to the Beneficiaries, but most notably – to the Probate
Court, for misusing his or her powers, mismanaging, or failing to properly
conduct the administration of the trust.

Fiduciary – an individual who is in a position of trust on behalf of another
individual. Generally, the term refers to your named
Successor Trustee, your
Executor, and the
Agent under a Power of Attorney.

Trust Amendment or Restatement – may be utilized to update an existing Trust, or a Trust governed
by another jurisdiction.

Durable Power of Attorney for Financial Management – a document in which you appoint another person as your Agent to
legally represent you and sign/act instead of you, if you are incapacitated,
or unable to be physically present at a location where a transaction requiring
your signature takes place.

Health Care Directive – a document in which you appoint an Agent who is authorized to
make medical decisions for you, and represent your wishes regarding long-term
care, your intent to remain or return home after a facility/hospital stay,
makes medical decisions if you are incapacitated, unconscious, or medicated,
including end-of-life decisions, and organ donation.

HIPAA Release Authority – a document giving your Medical Agent the express permission to
obtain your medical records (so that they can make an intelligent and
informed decision about authorizing medical treatment for you), and releases
the holder of such records from liability under the federal medical records
privacy laws (the HIPAA Act).

Prenuptial (or Premarital) Agreement – a contract between couples contemplating marriage. Since California
is a Community Property State, the rights and liabilities of married couples
are very specific under the California Family Code, which treats the marital
unit like a partnership. A Prenuptial Agreement contracts out of the community
property scheme, and allows a husband and wife to stipulate about spousal
support, property rights, inheritance rights, debts, etc, at time of dissolution
or death, and minimize the weight of the family court and case law on
the consequences of divorce.

Cohabitation Agreement – a contract set up by persons living together but not contemplating
marriage, in which they define their rights, responsibilities, and liabilities
arising out of cohabiting together and often – investing in assets together.

Community Property Agreement/Marital Agreement – a contract entered into by married couples who wish to define
their property rights, liabilities and responsibilities after marriage.
It is utilized by those who never entered into a Prenup, or by those who
do have a Prenup, but wish to modify its terms.

We Work as Part of
a Larger Team

We work with out client’s financial planner, CPA, realtor & insurance broker
to implement a well-rounded and thorough legal plan for wealth preservation
& inheritance transfer.

Strategic Planning &
Attention to Detail

We carefully look at each factor that affects the execution of an estate
plan – from the perspective of minimizing and eliminating reassessment
of property taxes to avoiding post-death conflicts.

Mediator by Training & Peacemaker by Heart

We believe that an estate plan should leave behind not only property, but
most importantly – harmony, rather than tear families apart with poorly
drafted or ambiguous and confusing term

The information on this website is for general information purposes only.
Nothing on this site should be taken as legal advice for any individual
case or situation. This information is not intended to create, and receipt
or viewing does not constitute, an attorney-client relationship.